State Gov. Neil Abercrombie announced Wednesday that the world's sixth richest man will own 98 percent of the 141 square mile island.

The cost of the undisclosed deal is estimated to be between $500 to $600 million.

Ellison purchased the island from 89-year-old billionaire David Murdock, who owns the Dole company.

The high price of the island won't put a huge dent in Ellison's $36 billion estimated worth. Forbes reports that the purchase for the Oracle co-founder is the equivalent of "a family with a $1 million net worth buying a used Chevy Impala: $15,000."